2456117
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Mind Map by Anna Black, updated more than 1 year ago
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Created by Anna Black
almost 10 years ago
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Marx on Economics
(The Theory Labour
of Value)
- Introduction
- 'Karl Marx Selected
Writings' by David
McLellan.
- Chapter 32
'Capital'
'Volume 1'.
- Gives critical analysis of
capitalism as political
economy.
- Marx addresses
nature of: commodities,
wages + worker/capitalist
relationship.
- Marx tries to show ways
workers =exploited by
capitalist mode of
production.
- Marx = capitalist
system =
unstable because it
can't endlessly sustain
profits.
- 'Karl Marx Selected
Writings' by David
McLellan.
- 'Commodities: Use
Value + Exchange
Value'
- Commodity = an external
subject- satisfies
human need directly/
indirectly.
- Marx states = useful
things - looked at from
view of quality
+ quantity.
- Uses term: Use-Value -
relation to commodities
quality.
- 'The usefulness of a
thing makes it
use-value'
- Commodities use-value is
separate to amount labour
needed to make commodity
useful.
- Remember: something =
a use-value doesn't have
to be commodity.
- E.g air breath = use-value
but not commodity(can't
buy/sell it)
- E.g air breath = use-value
but not commodity(can't
buy/sell it)
- Remember: something =
a use-value doesn't have
to be commodity.
- Commodities use-value is
separate to amount labour
needed to make commodity
useful.
- 'The usefulness of a
thing makes it
use-value'
- Uses term: Use-Value -
relation to commodities
quality.
- Marx states = useful
things - looked at from
view of quality
+ quantity.
- Uses term: Exchange Value
relation to commodities
quantity.
- About social context of
commodity in market
place.
- Refer to: amount it is
bought/sold for = 'exchange
value'
- Comes about when Exchange
value of commodity = Labour
invested.
- Value of commodity =
average labour power
invested.
- Marx focused on
this word 'average'
- The individual skill of worker
has no effect on exchange
value.
- Imagine 1 worker =
not skilful = 3
hours make commodity.
- Then we've got 3 more
workers = take 2
hours to make commodity.
- Lack of skill from 1st person isn't
making impact on exchange value
(average) compared to 3 workers-
do it quicker.
- Marx is therefore talking
about total time takes to make
a commodity.
- Marx is therefore talking
about total time takes to make
a commodity.
- Lack of skill from 1st person isn't
making impact on exchange value
(average) compared to 3 workers-
do it quicker.
- Then we've got 3 more
workers = take 2
hours to make commodity.
- Imagine 1 worker =
not skilful = 3
hours make commodity.
- The individual skill of worker
has no effect on exchange
value.
- Marx focused on
this word 'average'
- Value of commodity =
average labour power
invested.
- Comes about when Exchange
value of commodity = Labour
invested.
- Refer to: amount it is
bought/sold for = 'exchange
value'
- About social context of
commodity in market
place.
- Commodity = an external
subject- satisfies
human need directly/
indirectly.
- Chapter Four: 'The
General Formula
for Capital'
- Capitals starting point =
with circulation of
commodities.
- Ultimate product of
commodity
circulation = money.
- 2 kinds of
circulation:
- 1. C-M-C (Commodities
turned into money and
then back into
commodities).
- e.g. Sell more to
buy more.
- 2. M-C-M (We buy in
order to sell- Money is
capital)
- 1st = money into commodity
2nd = commodity into money
- Ultimately
exchange money
for money.
- Ultimately
exchange money
for money.
- 1st = money into commodity
2nd = commodity into money
- 2. M-C-M (We buy in
order to sell- Money is
capital)
- e.g. Sell more to
buy more.
- 1. C-M-C (Commodities
turned into money and
then back into
commodities).
- 2 kinds of
circulation:
- Ultimate product of
commodity
circulation = money.
- Compares C-M-C to
M-C-M.
- Similar = both involve
commodities, money,
buyers + sellers.
- C-M-C = final product is
a use-value and gets
spent once and for all.
- M-C-M = seller gets
money back again;
the money is not spent
instead advanced.
- Use-value = purpose
of C-M-C.
Exchange-value =
purpose of M-C-M.
- Money is
recognizable only
in amount.
- Therefore in M-C-M
what really happens is
M-C-M1 where M1 = M
+Excess.
- Excess = called
surplus value.
- Since M-C-M is
buying to sell the
cycle is endless.
- Money is the
starting point = M1
to M11 e.t.c
- Therefore the
possessor of money
becomes =
capitalist.
- He is a capitalist
because increase
wealth = sole force.
- M-C-M is therefore
the general formula
for capital.
- M-C-M is therefore
the general formula
for capital.
- He is a capitalist
because increase
wealth = sole force.
- Therefore the
possessor of money
becomes =
capitalist.
- Money is the
starting point = M1
to M11 e.t.c
- Since M-C-M is
buying to sell the
cycle is endless.
- Excess = called
surplus value.
- Therefore in M-C-M
what really happens is
M-C-M1 where M1 = M
+Excess.
- Money is
recognizable only
in amount.
- Use-value = purpose
of C-M-C.
Exchange-value =
purpose of M-C-M.
- C-M-C = final product is
a use-value and gets
spent once and for all.
- Similar = both involve
commodities, money,
buyers + sellers.
- Capitals starting point =
with circulation of
commodities.
- Chapter Ten: 'The
Working Day'
- We've assumed cost of
commodity is = labour
time necessary 2 produce
it.
- However amount of labour
time needed to provide
subsistence doesn't = length
of work day.
- Excess time
outside of necessary
labour time called =
surplus labour.
- Therefore working day =
changes according to
amount of surplus labour.
- Capitals drive is to create
surplus value and make
means of production by
absorb surplus labour as
possible.
- If a worker uses excess time
for himself = "robbing" the
capitalist because capitalist
lives surplus labour.
- Thus Capitalist get
maximum benefit from
workers use-value.
- Workers perspective =
should paid = full value of
labour power.
- Workers perspective =
should paid = full value of
labour power.
- Thus Capitalist get
maximum benefit from
workers use-value.
- If a worker uses excess time
for himself = "robbing" the
capitalist because capitalist
lives surplus labour.
- Capitals drive is to create
surplus value and make
means of production by
absorb surplus labour as
possible.
- Therefore working day =
changes according to
amount of surplus labour.
- Excess time
outside of necessary
labour time called =
surplus labour.
- However amount of labour
time needed to provide
subsistence doesn't = length
of work day.
- We've assumed cost of
commodity is = labour
time necessary 2 produce
it.
- 'The Fetishism
of Commodities'
- Develops relationships
between commodities value
+ social dimension.
- Commodities =
meaningful 2 ways:
- 1st as objects
of exchange.
- 2nd = commodities reflect, not
only labour went into
making them, but social
relations of production in which
labour performed.
- = This Social aspect
commodity can't
express itself...
- ...because = capitalist
society quality of
commodity - thought to
emerge from price not
from social labour.
- Fact people reduce
quality of commodity 2
money...
- Led Marx claim = capitalist
society -invested money-form
with mystical +magical
significance.
- Therefore rich economists
wrongly avoid looking at
-commodities show in
social terms.
- In doing this: rich are able to
ignore the fact that commodities
emerge through exploitative
system of wage power.
- In doing this: rich are able to
ignore the fact that commodities
emerge through exploitative
system of wage power.
- Therefore rich economists
wrongly avoid looking at
-commodities show in
social terms.
- Led Marx claim = capitalist
society -invested money-form
with mystical +magical
significance.
- Fact people reduce
quality of commodity 2
money...
- ...because = capitalist
society quality of
commodity - thought to
emerge from price not
from social labour.
- = This Social aspect
commodity can't
express itself...
- 2nd = commodities reflect, not
only labour went into
making them, but social
relations of production in which
labour performed.
- 1st as objects
of exchange.
- Commodities =
meaningful 2 ways:
- Develops relationships
between commodities value
+ social dimension.
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